CAN SOMEONE HELP ME, ILL GIVE BRAINIES AND PLEASE NO LINKS A business owner receives a $5,000 loan with 13%
interest, charged at
the end of each year.
Write an expression to represent the amount owed, in dollars, after the
given number of years of making no payments.

1. after 1 year

2. after 2 years

3. after tyears

Step-by-step explanation:

Given;

Loan = $5,000

Interest rate = 13% charged at the end of each year

Question 1. Expression to represent the amount owed, in dollars, after;

a. After 1 year.

Owed amount = Loan + accrued interest= $5000 + ( 13% * $5000 * 1 year )

= 5650

b. After 2 years.

Owed amount = Loan + accrued interest

= $5000 + ( 13% * $5000 * 2 years )

= $6300

c. After t years

Owed amount = Loan + accrued interest= $5000 + ( 13% * $5000 * t years )= $5000 + $650t

Question 2. Explain how to convince someone that your expression for t years is correct.

Amount owned= borrowed amount + accrued interest

Accrued interest = Interest rate per year * Loan amount * time in years ( for simple interest case )

Loan amount = $5000

Time = t years

Interest rate = 13% per year

Accrued interest = 13% * $5000 *t years= $650t

Amount owned will therefore be; = Loan amount + Accrued interest

= $5000 + $650t

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